News and Comment - Page 39 of 101 - Whitefield Tax - Isle of Wight Accountants

Changes to R&D SME tax relief

by Jessica Garbett | Dec 11, 2020 | ACCA, business taxation

Guidance on changes to R&D SME tax relief, which will be legislated in Finance Bill 2021. Alongside the Finance Bill we have the draft legislation for the R&D SME scheme PAYE/ NIC cap. The design of the PAYE cap will include the following features: a...

A Handy Guide to Ten Common Tax Elections and Claims from ACCA

by Jessica Garbett | Dec 4, 2020 | ACCA, business taxation, capital taxation, personal taxatation

We look at some of the more common elections and claims which are useful tax planning or compliance tools. Some of these claims have strict time limits which should be given due consideration to avoid missing any deadlines. 1. Form 17 (Declaration of beneficial...

Relief available on losses on loans to traders

by Jessica Garbett | Dec 2, 2020 | ACCA, business taxation

The how, when and by whom relief can be claimed on losses. Who is eligible? Relief is available under section 253 of TCGA 1992 where a loan: is made to a UK-resident borrower (if the loan is made before 24 January 2019) or to non-UK resident borrowers since that...

Self Assessment Payments on Account – Coronavirus Implications

by Jessica Garbett | Nov 30, 2020 | business taxation, Covid19, personal taxatation

Payments on Account are one of the more confusing aspects of the Self Assessment system, and the income fluctuations from Coronavirus over recent months will only make this worse. Lets try and pick this apart. Payments on Account apply to all Self Assessment cases, so...

Coronavirus Self Employment Income Support Scheme – Grant 3

by Jessica Garbett | Nov 30, 2020 | Covid19

Claims for Grant 3 open on Monday 30 November 2020. Here is what you need to know. Government Guidance and Claim Link Government Guidance on the Scheme and the link to make claims is here Please be aware of scams. You should never pay a fee to apply for the...

ACCA Self assessment support – record keeping, estimates and valuations

by Jessica Garbett | Nov 27, 2020 | ACCA, business taxation

As the self assessment tax return deadline is approaching, taxpayers should be reminded that they are required to keep any records and documents that they have used on completing entries in their self assessment return. Retention period Periods for retaining records...

ACCA Self assessment support – provisional or estimated figures

by Jessica Garbett | Nov 27, 2020 | ACCA, business taxation

Advice on a common area of concern around the use of estimated or provisional figures during self assessment. As the self-assessment deadline approaches, a common area of concern for many taxpayers will be the use of estimated or provisional figures. This is...

ACCA Self assessment support – common adjustments in tax returns

by Jessica Garbett | Nov 27, 2020 | ACCA, business taxation

As businesses and accountants prepare to deal with the final months of the current self-assessment season, ACCA highlight some of the areas which may receive extra scrutiny by HMRC. In order to save time and costs in dealing with such adjustments, it would be...

Help and Support for Clients over Winter 2020-21

by Jessica Garbett | Nov 25, 2020 | administration, Covid19

We realise that 2020 has been a difficult year for all business – this includes ours. We commit to doing our best to support clients through the 2020 pandemic and into 2021. Specifically: If you need a fee deferral let us know. We cannot waive fees, but will...

Changes to our Reception Hours from Wednesday 2 December 2020

by Jessica Garbett | Nov 25, 2020 | administration, Covid19

From Wednesday 2 December 2020, our office will reopen for visitors. Specifically: Most of our staff work from home, so we are geared up for home working. For the most part our service will be continuing as usual. However due to staff with childcare commitments some...

Party Party Party – Thank you HMRC

by Susan Albest | Nov 25, 2020 | business taxation

Christmas Staff Parties Section 264 of ITEPA 2003 allows an exemption where an employer hosts an annual event. Most employers tend to do this at Christmas, but it doesn’t have to be, and could be held at any time of the year. Of key importance is that it needs to be...

ACCA on The rising danger of mini umbrella companies

by Jessica Garbett | Nov 20, 2020 | ACCA, business taxation, PSC, umbrella companies

HMRC is striving to combat a type of fraud which significantly reduces tax payments including PAYE, National Insurance and VAT. HMRC has shared its concerns on the potential dangers posed to their business by Mini Umbrella Company (MUC) fraud in their supply chain. It...

R&D tax relief – a refresher

by Jessica Garbett | Nov 20, 2020 | ACCA, business taxation

A handy guide to R&D, including worked examples and reflecting the impact of Covid-19. Research & Development (R&D) tax relief provides financial tax incentives when companies take the risk to advance, develop, modify or improve a product, service,...

ACCA on Covid-19 – Latest changes on the CJRS and SEISS support

by Jessica Garbett | Nov 19, 2020 | ACCA, business taxation, Covid19

The CJRS has been extended until the end of March 2021 – all you need to know. The previously announced Job Support Scheme that was due to replace the CJRS (Coronavirus Job Retention Scheme) has now been withdrawn and CJRS has been extended until the end of...

Tax considerations for employees working from home

by Jessica Garbett | Nov 13, 2020 | ACCA, business taxation, personal taxatation

Employer payments towards additional household costs incurred by employees who work at home. Since the Covid-19 outbreak, most employers have followed government advice and agreed with their workforce that anyone who can work effectively from home should do so....

Changes to R&D SME tax relief

A Handy Guide to Ten Common Tax Elections and Claims from ACCA

Relief available on losses on loans to traders

Self Assessment Payments on Account – Coronavirus Implications

Coronavirus Self Employment Income Support Scheme – Grant 3

ACCA Self assessment support – record keeping, estimates and valuations

ACCA Self assessment support – provisional or estimated figures

ACCA Self assessment support – common adjustments in tax returns

Help and Support for Clients over Winter 2020-21

Changes to our Reception Hours from Wednesday 2 December 2020

Party Party Party – Thank you HMRC

ACCA on The rising danger of mini umbrella companies

R&D tax relief – a refresher

ACCA on Covid-19 – Latest changes on the CJRS and SEISS support

Tax considerations for employees working from home

Register for our Newsletter

Whats Current?

Latest News

Search News by Date or Category

From our daughter business YogaTax